MyCity Melbourne Property Report 2023

Getting the fundamental data you need to read before buying a property in Melbourne has finally been put in one place with the 2023 MyCity Melbourne Property Report! The MyCity Property Report was designed to arm our Ironfish community with the knowledge to best equip them before property investing in an Australian major city. Each report is designed to help readers understand our major cities by providing the latest insights and data-driven commentary about each region.

There’s no debating, the Melbourne market was hit hard by COVID, but with local and international borders now open, the once prominent appeal of living in artsy Melbourne has returned in spades.  Not only are more people moving to Melbourne but less are leaving. The  population growth pulling at both ends puts more the housing market in a pressure cooker with an under supply of housing.

With most new migrants choosing to start off renting, the increase in demand is already having noteworthy influencer with rents quickly rising as a result and intense competition for rental properties and decreasing vacancy rate. No different to other major cities across the nation, Melbourne has an overwhelming supply side issue when it comes to having enough available rental property to meet the rising demand as Melbourne’s population skyrockets!

With affordable sub-million-dollar property expected to outperform more expensive property and continue to be more attractive to international students and skilled migrants – it’s not wonder why Melbourne is a city not to overlook for your next investment.